See your real balance with real numbers in real time
Starling Bank, the leading next generation bank, became the first of the digital-only challengers to join Faster Payments this week.
The 13’th direct participant of the Faster Payments Scheme and the first of the next-generation banks to connect directly to the payment system, Starling Bank is excited about the benefits the technology gives their customers.
Faster Payments allows banks to offer true, real-time payments enabling people to send their money to friends and pay bills. This means typical delays on payments will be a thing of the past. Starling’s customers will be able to see where their money is flowing and when in real-time, 24/7.
Joining the board of Faster Payments, Julian Sawyer, Chief Operating Officer at Starling Bank, said:
“At Starling Bank we are dedicated to ensuring the best possible banking experience to our customers. Faster Payments is essential to this. Not only have our users expressed huge interest in the real-time insights that we can give them as a result of Faster Payments, but it means being able send money to friends or set up regular payments knowing it will be an instantaneous and simple process. Given our users are all people who happily manage their lives on their phone, this partnership is a huge step in helping them to better manage their finances through our app.”
Traditionally new bank entrants have connected to the platform via another bank, or a sponsor bank.
However, having previously discussed their intention to join, Starling have tested and integrated Faster Payments into their newly built banking platform and customers are now making payments using the technology to all the major banks.
Craig Tillotson, Chief Executive of Faster Payments, said:
“We are delighted to welcome Starling Bank as a direct participant of Faster Payments, the UK’s world-class 24/7 real-time payments system. It is good news for its customers and a positive development for the payments sector more widely. Starling is the first of a number of new joiners planned for this year as we enable payment service providers, both established and new, to offer its customers the real-time, 24/7 payments they demand.”